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within 30 days of the billing date. If the Buydown Requirement is not paid within 45 days of the <br /> billing date, a Letter of Compliance will not be issued to the City and/or property owner by the <br /> CFD Administrator and the authorization of the requested building permits for the subject <br /> property will not be approved until such Buydown Requirement is paid. Upon receipt of the <br /> Buydown Requirement, the CFD Administrator shall issue a Letter of Compliance and a <br /> Certificate of Satisfaction of Buydown for the subject property. The reserve fund credit <br /> calculated pursuant to Step 10 above shall be credited to the property owner against the Buydown <br /> Requirement of each Assessor' s Parcel identified in the request for Letter of Compliance once <br /> the CFD Administrator has confirmed receipt of all Special Taxes due for such property owner(s) <br /> in the Fiscal Year the Buydown Requirement was made. If the Buydown Requirement has been <br /> paid prior to such determination by the CFD Administrator, the amount equal to the reserve fund <br /> credit shall be reimbursed to the payee within 30 days following such confirmation. <br /> 4. Costs and Expenses Related to Implementation of Buydown of Outstanding Bonds <br /> The costs of the CFD Administrator or other consultants required to review the application for <br /> building permits and issue Letters of Compliance, as identified in Sections D.1 and D.2 above, <br /> shall be paid out of the administrative expenses account as defined in the Indenture. The <br /> property owner of each Assessor's Parcel identified in the request for Letter of Compliance shall <br /> pay all costs of the CFD Administrator or other consultants required to calculate the Buydown, <br /> issue Letters of Compliance and any other actions required under Section D.3. Such payments <br /> shall be due 30 days after receipt of invoice by such property owner. A deposit may be required <br /> by the CFD Administrator prior to undertaking work related to the Buydown pursuant to Section <br /> D.3. <br /> E. METHOD OF APPORTIONMENT OF THE SPECIAL TAX <br /> Commencing with Fiscal Year 2010 -2011, and for each following Fiscal Year, the CFD <br /> Administrator shall determine the Special Tax Requirement and shall provide for the levy of the <br /> Special Tax until the total Special Tax levy equals the Special Tax Requirement. The Special <br /> Tax shall be levied each Fiscal Year as follows: <br /> First: The Special Tax shall be levied on each Assessor's Parcel of Developed Property in an <br /> amount equal to 100% of the applicable Maximum Special Tax; <br /> Second: If additional monies are needed to satisfy the Special Tax Requirement after the first <br /> step has been completed, the Special Tax shall be levied Proportionately on each Assessor's <br /> Parcel of Undeveloped Property at up to 100% of the applicable Maximum Special Tax for <br /> Undeveloped Property. <br /> Notwithstanding the above the CFD Administrator may, in any Fiscal Year, calculate a levy <br /> Proportionately less than 100% of the Maximum Special Tax in step one (above), when (i) the <br /> CFD Administrator is no longer required to provide for the levy of the Special Tax pursuant to <br /> step two (above) in order to meet the Special Tax Requirement, and (ii) all authorized CFD No. <br /> B -13 <br /> 302108_1.doc <br />